Updated Two-Family
For Sale
$539,900
Pending
1475 Plainfield Pike, Johnston, RI 02919
Residential Income, Johnston, RI
Property Size1,650 SF
Lot Size0.18 Acres
Days on Market96
Property Features for 1475 Plainfield Pike
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Basement, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 4
Parking
8
Patio and Porch features
Porch
Interior features
Plumbing (Mixed), Insulation (Unknown)
Exterior features
Porch
Basement
Full, Storage Space, Finished
Appliances
Gas Water Heater, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Plainfield Pike
Lot features
Extra Lot, Fenced, Paved Driveway, Sidewalks
Standard status
Pending
Size
1,650 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4920
Utilities
Heating system
Electric (Heating), Natural Gas
Amenities
stone front entrance stairs
oak hardwoods
finished lower level
commercial fencing
fruit trees
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Listing Agency:
Century 21 Gonsalves - Pastore · Coldwell Banker Real Estate
(401) 728-2770
Listed By:
Donna Powers
(401) 632-3177
Added: Jun 19
Changed: Sep 13
Last Checked: Sep 22 at 3:06AM
MLS# 1415760
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,650-square-foot duplex, built in 1920, contains two two-bedroom units with separate utilities. Interior features include oak hardwood flooring, replacement windows, and a finished lower level. Each residence includes access to a porch, while the property also offers gas water heating, electric and natural gas heating, and included appliances.
The 0.1835-acre lot provides off-street parking and a detached two-car garage. Exterior improvements include vinyl siding, commercial fencing, a newer roof, and stone entrance stairs. Fruit trees add an established outdoor feature to the grounds.
The 0.1835-acre lot provides off-street parking and a detached two-car garage. Exterior improvements include vinyl siding, commercial fencing, a newer roof, and stone entrance stairs. Fruit trees add an established outdoor feature to the grounds.
Key Highlights
- Two two‑bedroom units with separate utilities
- 1,650 square feet on a 0.1835‑acre lot
- Detached two‑car garage and off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,473
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$549,460
$549.5K
Cap Rate 7%
$392,471
$392.5K
Cap Rate 9%
$305,256
$305.3K
Market Conditions
NOI Build-Up for 1,650 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$42.0K $25.44/SF
− Vacancy
−$2.7K −$1.65/SF
EGI
$39.2K $23.79/SF
− OpEx
−$11.8K −$7.14/SF
NOI
$27.5K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$549,460
Cap Rate 7%
$392,471
Cap Rate 9%
$305,256
Alternative Uses
Best Use
Multifamily LT 5
$392.5K
$343.4K – $457.9K
NOI $27,473 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$311.5K
$272.6K – $363.4K
NOI $21,804 @ 7.0% cap · market cap 4.04%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
360
Businesses Nearby
Explore this area
Business Placement
Demographics for 02919, RI
29,473
Population
11,993
Households
2.5
Avg Household Size
45
Median Age
29%
College-Educated
91%
High-School Grad
23.5 sq mi
ZIP Area
1,254
Density / Sq Mi
$87,811
Median Household Income
$56,068
Median Earnings
$1,259
Median Rent
$326,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two two-bedroom units feature separate utilities, hardwood flooring, and a finished lower level.
Where is this duplex located?
The property is located at 1475 Plainfield Pike Johnston, RI.
What is the asking price?
The asking price for this property is $539,900.
What are key features of this property?
This property features: Two two‑bedroom units with separate utilities; 1,650 square feet on a 0.1835‑acre lot; Detached two‑car garage and off‑street parking
